Filing Flows › Arista Networks (ANET) › Q2 2026 › vs Q2 2025
Arista Networks (ANET) Q2 2026 vs Q2 2025 (year over year)
Arista Networks's revenue rose $831M (+38%) from $2.2B in Q2 2025 to $3.0B in Q2 2026. The biggest changes: Product +$728M (+39%); Service +$103M (+31%). Gross margin 62.9% against 65.2% (-2.3 pts).
Arista Networks, Q2 2026: revenue $3.0B (+38% year over year), operating margin 45.4%, net earnings $1.2B, operating cash flow $1.1B. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Gross margin | 62.9% | 65.2% | -2.3 pts |
| Operating margin | 45.4% | 44.7% | +0.7 pts |
| Net margin | 40.0% | 40.3% | -0.4 pts |
| Free cash flow margin | 34.7% | 53.3% | -18.6 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Product | $2.6B | $1.9B | $728M | +39% |
| Service | $430M | $328M | $103M | +31% |
| Revenue | $3.0B | $2.2B | $831M | +38% |
| Gross profit | $1.9B | $1.4B | $472M | +33% |
| Cost of revenue | $1.1B | $766M | $359M | +47% |
| Other income, net | $126M | $94.0M | $32.3M | +34% |
| Operating profit | $1.4B | $986M | $392M | +40% |
| Operating expenses | $532M | $452M | $79.9M | +18% |
| Pre-tax earnings | $1.5B | $1.1B | $424M | +39% |
| Research & development | $348M | $296M | $51.7M | +17% |
| Sales & marketing | $150M | $126M | $23.8M | +19% |
| General & admin | $33.8M | $29.4M | $4.4M | +15% |
| Net earnings | $1.2B | $889M | $324M | +36% |
| Income tax | $291M | $191M | $100M | +52% |
| Depreciation & amortization | $23.4M | $12.8M | $10.6M | +83% |
| Share-based compensation | $120M | $85.2M | $35.2M | +41% |
| Working capital & other | $274M | −$213M | $487M | — |
| Operating cash flow | $1.1B | $1.2B | −$117M | -10% |
| Free cash flow (OCF − capex) | $1.1B | $1.2B | −$123M | -10% |
| Capital expenditures | $29.7M | $24.0M | $5.7M | +24% |
Questions
How much did Arista Networks's revenue grow year over year in Q2 2026?
Arista Networks's revenue rose $831M (+38%) from $2.2B in Q2 2025 to $3.0B in Q2 2026.
What drove Arista Networks's revenue change in Q2 2026?
Product +$728M (+39%); Service +$103M (+31%).